2月25日，飞凯材料（维权）涨5.02%，成交额23.35亿元。两融数据显示，当日飞凯材料获融资买入额 2.60亿元，融资偿还2.64亿元，融资净买入-382.30万元。截至2月25日，飞凯材料融资融券余额合计 12.24亿元。 融资方面，飞凯材料当日融资买入2.60亿元。当前融资余额12.20亿元，占流通市值的6.73%，融资余额 超过近一年90%分位水平，处于高位。 分红方面，飞凯材料A股上市后累计派现3.41亿元。近三年，累计派现1.59亿元。 机构持仓方面，截止2025年9月30日，飞凯材料十大流通股东中，南方中证1000ETF（512100）位居第 四大流通股东，持股415.06万股，相比上期减少4.34万股。香港中央结算有限公司位居第五大流通股 东，持股341.77万股，相比上期增加91.98万股。华夏中证1000ETF（159845）位居第九大流通股东，持 股246.47万股，相比上期减少7500.00股。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@s ...

证券研究报告 | 公司深度报告 2026 年 02 月 25 日 飞凯材料（300398.SZ） 半导体材料业务增长可期，屏幕显示材料市场版图有望 扩张 我们认为半导体行业景气度的持续提升，尤其是人工智能技术的快速迭代催生 了相关应用领域需求的持续增长，有望持续带动公司湿电子化学品以及 EMC 环 氧塑封料等材料的营业收入上涨。屏幕显示材料业务市场版图在收购 JNC 株式 会社旗下液晶业务板块后有望扩张。紫外固化光纤涂覆材料有望受益于新型光 纤技术发展。综上，首次覆盖给予 "增持"投资评级。 ❑ 风险提示：宏观经济及产业政策波动风险、新产品研发和技术替代风险、可 增持（首次） 周期/化工 目标估值：NA 当前股价：31.98 元 基础数据 | 总股本（百万股） | 567 | | --- | --- | | 已上市流通股（百万股） | 564 | | 总市值（十亿元） | 18.1 | | 流通市值（十亿元） | 18.0 | | 每股净资产（MRQ） | 8.7 | | ROE（TTM） | 6.7 | | 资产负债率 | 27.4% | | 主要股东 | 飞凯控股有限公司 | | 主要股东持股比例 | 2 ...

2月25日，飞凯材料涨5.19%，截至发稿，报32.03元/股，成交14.64亿元，换手率8.45%，总市值181.59 亿元。 华夏中证1000ETF（159845）基金经理为赵宗庭。 截至发稿，赵宗庭累计任职时间8年317天，现任基金资产总规模3569.66亿元，任职期间最佳基金回报 112.43%， 任职期间最差基金回报-32.63%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 资料显示，上海飞凯材料科技股份有限公司位于上海市宝山区潘泾路2999号，成立日期2002年4月26 日，上市日期2014年10月9日，公司主营业务涉及高科技领域适用的紫外固化材料等新材料的研究、生 产和销售。主营业务收入构成为：屏幕显示材料52.32%，半导体材料24.51%，紫外固化材料22.78%， 其他(补充)0.40%。 从飞凯材料十大流通股东角度 数据显示，华夏基金旗下1只基金位居飞凯材料十大流通股东。华夏中证100 ...

Group 1 - The core viewpoint of the news is that Feikai Materials has seen a stock price increase of 5.09%, reaching 27.47 CNY per share, with a trading volume of 1.172 billion CNY and a turnover rate of 7.80%, resulting in a total market capitalization of 15.574 billion CNY [1] - Feikai Materials, established on April 26, 2002, and listed on October 9, 2014, specializes in the research, production, and sales of new materials, particularly ultraviolet curing materials suitable for high-tech applications [1] - The company's main business revenue composition includes: display materials at 52.32%, semiconductor materials at 24.51%, ultraviolet curing materials at 22.78%, and other materials at 0.40% [1] Group 2 - Among the top circulating shareholders of Feikai Materials, Huaxia Fund's Huaxia CSI 1000 ETF (159845) reduced its holdings by 7,500 shares in the third quarter, now holding 2.4647 million shares, which represents 0.44% of the circulating shares [2] - The Huaxia CSI 1000 ETF has a current scale of 49.908 billion CNY, with a year-to-date return of 9.67%, ranking 1624 out of 5557 in its category, and a one-year return of 44.21%, ranking 1738 out of 4285 [2] - The fund manager, Zhao Zongting, has been in position for 8 years and 291 days, overseeing a total fund asset scale of 356.966 billion CNY, with the best fund return during his tenure being 122.37% and the worst being -32.63% [2]

Summary of the Conference Call for Feikai Materials Company Overview - **Company**: Feikai Materials - **Year**: 2025 - **Total Revenue**: Over 3.2 billion CNY Key Business Segments and Performance 1. UV Curing Materials - **Revenue**: Approximately 560 million CNY, a year-on-year increase of about 15% - **Drivers**: Growth in multimode fiber and drone fiber applications, expected to continue into 2026, potentially reaching historical highs of over 500 million CNY [2][8] 2. Semiconductor Materials - **Total Revenue**: 670 million CNY, flat compared to 2024 - **Wet Electronic Chemicals Revenue**: 330 million CNY, a year-on-year increase of 25% - **Factors**: Strong demand from AI computing, data centers, automotive-grade chips, and storage markets, with expectations for continued growth in 2026 [2][6] 3. LCD Business - **Total Revenue**: Approximately 1.32 billion CNY after acquiring Japan's JNC liquid crystal business - **Integration**: Improved gross margins expected in the second half of the year due to better profit management [2][10] 4. Pharmaceutical Intermediates - **Revenue**: 160 million CNY, a year-on-year decrease of nearly 5% - **TMO Product Revenue**: 41 million CNY, a year-on-year increase of 50%, driven by export growth in the European market [2][5][17] Strategic Developments 1. Acquisition of JNC - **Impact**: Expanded market share in the small and medium-sized LCD market, with over 600 high-value patents aiding in establishing a strong patent moat [2][9] 2. New Production Capacity - **Location**: Zhangjiagang - **Expected Production Start**: 2027 - **Total Capacity**: Estimated at 30,000 tons, with an expected output value of 700-800 million CNY [2][12] 3. Sale of Dairui Company - **Reason**: Geopolitical factors limiting supply to major clients like TSMC; sold for 227.5 million CNY to avoid future performance pressure [4][13] Market Trends and Future Outlook 1. Semiconductor and Display Markets - **Demand**: Strong growth in semiconductor and display sectors, particularly in AI computing and advanced packaging technologies [6][15] - **LCD Market**: Stable demand with annual global demand around 900 tons, with price stability expected due to concentrated production among a few manufacturers [11] 2. Focus on High-Margin Products - **Strategy**: Continued emphasis on high-margin products and optimization of profit management to enhance overall profitability [4][19] 3. 2026 Development Outlook - **Goals**: Focus on high-barrier sectors, organic synthesis, and formula development, alongside mergers and acquisitions to explore new opportunities [18][19] Additional Insights - **Drone Fiber Applications**: Emerging demand noted, with a small contribution to overall revenue growth [7] - **Environmental Regulations**: TMO products gaining traction in Europe due to completed INCI certification, expected to maintain growth momentum [17] This summary encapsulates the key points from the conference call, highlighting the performance, strategic initiatives, and future outlook of Feikai Materials.

Group 1 - The core viewpoint of the news is that Feikai Materials has shown significant financial performance with a notable increase in revenue and net profit, alongside active trading in its stocks [2][3] - As of January 9, Feikai Materials' financing balance reached 10.00 billion yuan, with a financing net purchase of 6.63 million yuan, indicating a high level of investor interest [1] - The company operates in the high-tech sector, focusing on the research, production, and sales of UV curing materials and other new materials, with a revenue composition of 52.32% from display materials, 24.51% from semiconductor materials, and 22.78% from UV curing materials [1] Group 2 - As of December 31, the number of shareholders for Feikai Materials increased to 65,900, with an average of 8,554 circulating shares per person, reflecting a slight decrease [2] - For the period from January to September 2025, Feikai Materials achieved a revenue of 2.342 billion yuan, representing a year-on-year growth of 7.88%, and a net profit of 291 million yuan, which is a 41.34% increase compared to the previous year [2] - The company has distributed a total of 341 million yuan in dividends since its A-share listing, with 159 million yuan distributed in the last three years [3]

Core Viewpoint - Feikai Materials has experienced a stock price decline of 2.02% on December 29, with a current price of 22.75 CNY per share, despite a year-to-date increase of 45.32% [1] Group 1: Stock Performance - As of December 29, Feikai Materials' stock price is 22.75 CNY, with a trading volume of 3.96 billion CNY and a turnover rate of 3.06%, resulting in a total market capitalization of 128.98 billion CNY [1] - The stock has seen a net outflow of 60.91 million CNY from major funds, with large orders buying 84.72 million CNY and selling 102 million CNY [1] - Over the past five trading days, the stock has decreased by 1.30%, while it has increased by 2.06% over the last 20 days and decreased by 9.83% over the last 60 days [1] Group 2: Financial Performance - For the period from January to September 2025, Feikai Materials reported a revenue of 2.342 billion CNY, representing a year-on-year growth of 7.88%, and a net profit attributable to shareholders of 291 million CNY, which is a 41.34% increase [2] Group 3: Shareholder Information - As of November 28, the number of shareholders for Feikai Materials is 64,100, a decrease of 1.81% from the previous period, with an average of 8,797 circulating shares per person, an increase of 1.84% [2] - Since its A-share listing, Feikai Materials has distributed a total of 341 million CNY in dividends, with 159 million CNY distributed in the last three years [3] - The top ten circulating shareholders include Southern CSI 1000 ETF, which holds 4.1506 million shares, a decrease of 43,400 shares from the previous period [3]

Core Viewpoint - Feikai Materials has shown a stable performance in terms of stock trading and financial results, with significant growth in revenue and net profit, indicating potential investment opportunities in the company [1][2]. Financing and Trading Activity - On November 20, Feikai Materials' stock increased by 0.51%, with a trading volume of 532 million yuan. The financing buy-in amount was 61.70 million yuan, while the financing repayment was 58.72 million yuan, resulting in a net financing buy of 2.98 million yuan. The total financing and securities balance reached 1.10 billion yuan [1]. - The financing balance of Feikai Materials is 1.10 billion yuan, accounting for 8.89% of its market capitalization, which is above the 80th percentile of the past year, indicating a high level of financing activity [1]. - In terms of securities lending, 4,700 shares were repaid, and 6,900 shares were sold on November 20, with a selling amount of 150,600 yuan. The remaining securities lending volume was 12,590 shares, with a balance of 2.75 million yuan, also above the 90th percentile of the past year [1]. Financial Performance - For the period from January to September 2025, Feikai Materials achieved a revenue of 2.34 billion yuan, representing a year-on-year growth of 7.88%. The net profit attributable to shareholders was 291 million yuan, reflecting a significant year-on-year increase of 41.34% [2]. - Since its A-share listing, Feikai Materials has distributed a total of 341 million yuan in dividends, with 159 million yuan distributed over the past three years [3]. Shareholder Structure - As of November 10, the number of shareholders of Feikai Materials was 65,800, a decrease of 2.07% from the previous period. The average number of circulating shares per person increased by 2.12% to 8,567 shares [2]. - Among the top ten circulating shareholders, the Southern CSI 1000 ETF held 4.15 million shares, a decrease of 43,400 shares from the previous period. The Hong Kong Central Clearing Limited increased its holdings by 919,800 shares to 3.42 million shares [3].

Core Viewpoint - Feikai Materials (300398) is focused on maintaining stable growth in its four business segments while expanding its product matrix through both external collaborations and independent research and development [2][4]. Financial Performance - For the first three quarters of 2025, the company reported a main revenue of 2.342 billion yuan, an increase of 7.88% year-on-year; net profit attributable to shareholders was 291 million yuan, up 41.34% year-on-year; and net profit excluding non-recurring items was 265 million yuan, an increase of 29.09% year-on-year [4]. - In Q3 2025, the company achieved a single-quarter main revenue of 880 million yuan, a year-on-year increase of 15.42%; however, net profit attributable to shareholders decreased by 13.53% to 74.064 million yuan, while net profit excluding non-recurring items increased by 11.05% to 88.029 million yuan [4]. - The company's debt ratio stands at 27.41%, with investment income of 61.258 million yuan and financial expenses of 22.5776 million yuan, resulting in a gross profit margin of 36.16% [4]. Development Strategy - The company plans to continue leveraging its core competencies in organic synthesis technology and formulation development to enhance its competitive edge through vertical integration of upstream raw materials [2]. - The company emphasizes the importance of innovation among its research personnel, implementing a practical incentive system that combines material rewards with career advancement opportunities [3]. Market Sentiment - In the last 90 days, one institution has given a rating of "buy" for the stock, with an average target price of 25.7 yuan [5]. - Recent financing data indicates a net inflow of 39.441 million yuan in margin financing over the past three months, suggesting increased investor interest [6].

Core Viewpoint - Feikai Materials experienced a stock price decline of 2.08% on November 11, with a current price of 22.56 CNY per share and a total market capitalization of 12.79 billion CNY [1] Financial Performance - For the period from January to September 2025, Feikai Materials reported a revenue of 2.342 billion CNY, representing a year-on-year growth of 7.88%, and a net profit attributable to shareholders of 291 million CNY, which is a 41.34% increase compared to the previous year [2] Stock and Shareholder Information - As of October 31, 2025, the number of shareholders for Feikai Materials increased to 67,200, up by 4.43%, while the average circulating shares per person decreased by 4.25% to 8,390 shares [2] - Since its A-share listing, Feikai Materials has distributed a total of 341 million CNY in dividends, with 159 million CNY distributed over the past three years [3] Market Activity - On November 11, the net outflow of main funds was 32.29 million CNY, with significant selling pressure observed, as large orders sold 63.01 million CNY worth of shares, accounting for 26.49% of total transactions [1] - The stock has seen a year-to-date increase of 44.11%, but has declined by 0.27% over the last five trading days and 8.81% over the last 20 days [1] Business Overview - Feikai Materials, established on April 26, 2002, and listed on October 9, 2014, specializes in the research, production, and sales of new materials, particularly ultraviolet curing materials [1] - The company's revenue composition includes display materials (52.32%), semiconductor materials (24.51%), and ultraviolet curing materials (22.78%) [1]